CAA 2001, s. 39 provides a category of first-year allowances for qualifying expenditure on plant and machinery for use wholly in a ring-fence trade. CAA 2001, s. 45F sets out the general qualifying conditions for this plant and machinery expenditure, clarifying that it must be incurred by a company on or after 17 April 2002 wholly for use in a ring-fence trade within the meaning of CTA 2010, s. 277 in short, a trade comprising UK and UKCS oil extraction activities or the acquisition, enjoyment or exploitation of UK and UKCS oil rights. The expenditure must not fall within the existing general exclusions covering a list of various categories of asset at CAA 2001, s. 46(2).

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.